21. Deferred taxation

Deferred taxation accounted for in the consolidated balance sheet and the potential amounts of deferred taxation are:

	31 December 2003 £m	31 December 2002 £m
Full potential deferred tax liabilities
Tangible fixed assets accelerated capital allowances	(175)	(237)
Other timing differences	(21)	(24)
Dividends of overseas subsidiary undertakings	(16)	(17)

Total gross deferred tax liabilities	(212)	(278)
Less: deferred tax liabilities not provided	–	–

Total deferred tax liabilities provided	(212)	(278)


Full potential deferred tax assets
Provisions	3	2
Tax losses	86	45
Other timing differences	35	12

Total gross deferred tax assets	124	59
Less: deferred tax assets not recognised	(117)	–

Total deferred tax asset recognised	7	59

Net deferred tax liability recognised	(205)	(219)

Deferred tax assets would be offset against suitable taxable profits when they arise.